Class notes ECON-100

ourse Overview: Understanding the Basics: Introduction to microeconomics, its importance in decision-making. Supply and Demand: Fundamental concepts of supply, demand, and equilibrium. Market Forces: Elasticity: Price elasticity, income elasticity, and cross elasticity. Consumer Behavior: Utility, preferences, and budget constraints. Production and Costs: Production Function: Inputs, outputs, and diminishing marginal returns. Cost Analysis: Fixed costs, variable costs, average and marginal costs. Market Structures: Perfect Competition: Characteristics, equilibrium, and efficiency. Monopoly: Barriers to entry, pricing strategies, and welfare implications. Oligopoly and Monopolistic Competition: Features and strategic behavior.